Organizations, just like any other organization, need exceptional and visionary leaders. But the process of finding the best person who can steer the organization in the right direction and connect with your employees is a daunting task. Many organizations waste a lot of time and resources, trying to do everything on their own. If you are looking for the next executive director for your nonprofit, then stop wasting your time and use executive search firms to hire the best of the best.
What is executive search firms?
Executive search (also known as headhunting) is a recruitment service that companies pay to find high-qualified candidates for senior-level and executive positions (such as ‘C-suits’, general director…) and other highly specialized and skilled jobs (such as information technology staff, data analyst…). To use this service, companies must work with a third party, typically an executive search firm (or headhunter).
How an executive search firm works?
An executive search firm is a type of service firm that provides executive search. An executive search firm work is usually seeking candidates, sending candidates’ profiles selectively to clients and conducting interview. But they may also be responsible negotiating salary and benefits, preparing offer letter and employment contract if needed. Sometimes, companies work with executive search firms to fill lower-level positions because there are few candidates applying for those jobs.
Executive search professionals usually have a wide range of personal contacts and knowledge of the industry. Companies and executive search firms typically have long-lasting relationships because of the demand for candidates will never last. Everything has advantages and disadvantages. And using an executive search firms is not an exception.
Using an executive search firm can bring some advantages. You can look at these below 7 advantages to decide if this recruiting method can benefit your company.
- It takes less time
Recruiting is their work. They continuously seek candidates, screen candidates and present these candidates to their clients. Therefore, they have a candidate pool from which they can pick up the right talents.
When a nonprofit executive search firms receives an order from their client, they likely already have candidates qualified for a job opening. In addition, the time you need to spend on preparing a recruitment campaign can be reduced. So, this method tends to take less time than it takes for a company to fill on its own. And you may be aware of the importance of time. In business, time is money.
- Offer guarantee on the candidate
One of the most significant advantages of using an executive search firm is the guarantee period of 30 to 90 days after a new employee is hired. If the candidate quits work for personal reasons, the firm will refund the recruiting fees or locating a new candidate. Thus, if the recruitment fails, you can take your money back or get a new employee to fill that position. It is up to you.
- Provide high-quality search
You cannot ignore the quality of candidates that executive search firms provide. They have a talent pool. They can access a large network of contacts. They understand the company’s culture and need. They are familiar with recruitment process. They can reduce selection bias. And they have knowledge of employment laws. They know how to successfully approach the best candidates. Do you know that some talents will only work with a third party agency? They only appreciate the representation of an executive search firm.
- Understand your business
Executive search firms assess the current position of your organization. They gather inputs from various stakeholders to define a clear picture of your organization. This allows them to prepare the job description and plan the entire recruitment strategy.
- Streamline the headhunting process
When you hire executive search services, you need not go through 200 applications. These consultants have access to a vast pool of talented and passion-driven candidates across the world. These executive search services stand out for their exceptional network of candidates. So, the executive search consultant will narrow down the hunt and finalize a few prospective candidates.
- Save resources
Recruiting for an executive position involves a lot of time, money, and manpower. Those resources could be used for other productive activities. Besides, your in-house team may not have the expertise to make proper decisions and finalize the best candidate. The costs associated with a bad hire is way more than spending money on hiring executive search consultants. With an executive search firm, you can save resources and save yourself from a bad hire’s expenses.
- Removes biases from the process
If you have an in-house team to hire for executive positions, then it might involve personal biases in the process. When you hire an executive search firm, you eliminate these biases, and candidates are selected based on their merits and alignment with the organizational culture. Most of the executive search consultants have access to potential candidates across the world. This not only makes the process fair but also includes a lot of diversity in the team.
Using an executive search firm is an investment that helps your company improve the quality of employees.